The process of selling your own property can sometimes feel long and challenging. By the end, you can’t help but feel some relief as closing day nears. It’s the fruition of everything you’ve worked toward, your chance to finally get the place sold and then be done with it!
But wait: Closing day can feel momentous, but you’re not out of the woods until the transaction is finalized; and, closing day surprises are notorious! It’s important to be vigilant as the big day approaches.
To help, here’s our guide to closing day, aimed specifically at sellers.
5 Important Points About Closing Day
You will receive a final disclosure.
There are a number of key documents you’ll need to review as you prepare for closing day. One of the most important is the final disclosure, which will be sent to you by the buyer’s mortgage lender. This paperwork will clarify all the final numbers, including sale price, closing costs, etc. It’s not unheard of for there to be minor errors in these final documents, which is no big deal if you catch the mistakes before closing. Make sure you review them thoroughly; this is not just a formality.
There will be a number of people present at your real estate closing.
You can anticipate there being several people in attendance at closing, including you, the buyer, and your respective agents (assuming you’re working with an agent, and not selling your own property). In addition, there may be an attorney there to represent the lender. A representative from the title company will be there, too. Each of these individuals is necessary for ensuring that the final transaction occurs without incident.
You can plan on a final walkthrough before closing day.
The vast majority of buyers will insist on a final walkthrough before they sign on the dotted line. Typically, the walkthrough happens either the morning of your closing or sometime the day before. This gives the buyer a chance to review the state of your home and ensure that you have made all the repairs or upgrades that you said you would; that you’ve moved all your belongings out and made the place ready for new occupants; and that there aren’t any last-minute issues, like plumbing leaks. If the buyer finds the state of your house to be unsatisfactory, it could delay the closing by days or even weeks.
You will likely pay closing costs.
Most of the time, it’s the seller who ends up paying the closing costs, which include commissions for the agents and other professionals who assist with your transaction. (It’s not unheard of for the seller to negotiate out of this responsibility, asking the buyer to pay some or all of the closing costs instead; however, this is the exception to the rule.) Closing costs will be outlined in your final disclosure documents. Most of the time, these costs are deducted from your proceeds.
You’ll need to bring a few things with you.
Don’t show up on closing day empty-handed! Instead, make sure you have these items with you:
- A valid, government-issued photo ID
- Your ratified and signed copy of the final sale agreement
- House keys, garage door openers, etc.
- A cashier’s check (if you’re paying for closing costs, and aren’t simply deducting them from your proceeds)
As you get ready for closing day, it’s important to be mindful of each of the points we’ve articulated here, as they will all play a key role in ensuring you get your house sold without any bumps in the road!
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